The European Commission has launched an interactive
website where stakeholders, including firms, trade associations and investors,
can ask questions relating to the recently finalised Markets in Financial
Instruments Directive (2004/39/EC) (MiFID) and its implementing measures. The
website allows stakeholders to see the answers to questions already asked, as
well as allowing them to ask new questions.

Internal Market and Services Commissioner Charlie McCreevy said: "Part of
the Better Regulation approach involves striving to be as open and transparent
as possible during the formulation and implementation of our Single Market
Directives. There is a great demand from clear and practical answers to a range
of questions around MiFID in particular. We hope this website will help to meet
that demand.”

Where appropriate, the Commission will consult with Member States and with
regulators before formulating answers to questions. It will also refer
particular issues to regulators on a case-by-case basis.

The target will be to answer all questions within three months, but simpler
questions should be able to be answered much more quickly.

If the website is successful, the Commission will consider applying the same
approach to other Single Market Directives. The functionality of the website
will also continue to be developed.

Questions can be submitted in any official language of the EU but answers
will be published in English only.